Blog Posts By:

Ed Mierzwinski,
Senior Director, Federal Consumer Program

A major new CFPB report assails the Big 3 credit bureaus for a series of excuses, “deficiencies” and failures. CFPB found that “Equifax, Experian, and TransUnion routinely failed to fully respond to consumers with errors.” Wow.

Cover graphic “Epic Fail” by Dunk via Flickr, some rights reserved.

The CFPB is looking at the impact of Big Tech's entry into the payments space. It asked Apple, Amazon, Facebook, Google, Paypal (owner of Venmo) and Square (owner of Cash App) for answers. PIRG and the Center for Digital Democracy have filed a comment on the threats Big Tech entry poses to consumers, competitors and the banking system. This blog also links to comments by other colleagues.

Cover image Fintech by CafeCredit.com via Flickr, some rights reserved.

Last week U.S. district court judge Colleen McMahon disrupted a bankruptcy judge’s approval of a Sackler plan to hide most of the family’s billions as part of the corporate bankruptcy of opioid manufacturer Purdue Pharma, a firm controlled by the family. We support the draft Sackler Act, which would expressly prohibit such a scheme by non-debtors.

Cover graphic above by Mike Licht via Flickr; Some rights reserved.

This week, we favorably settled our lawsuit over the Trump CFPB's creation of an illegal "TaskForce on Federal Consumer Financial Law." We called it a dangerous "Task Farce" from the get-go. We're happy that the Biden CFPB has returned the Consumer Bureau to its one job: protecting consumers. Cue fireworks! 

Cover photo of "DC Fireworks" by Stan Mouser via Flickr. Some Rights Reserved. 

The CFPB has asked BigTech giants including Amazon, Apple, Facebook, Google, PayPal, and Square to answer questions about their payment system practices. The CFPB has also asked consumers, small businesses and others for comments (including complaints), which are due on December 6. Learn more.

Graphic from the Internet Archive Wayback Machine's first crawl of the new CFPB's new website, February 8, 2011.

Exploding airbag that sends shrapnel into passengers? Pickup truck that catches fire for no reason? These are just a few of the safety recalls that could endanger you or your family if unrepaired. Under federal law, you can’t buy a new car with an unrepaired or “open” safety recall, but thanks to FTC consent orders with GM and some mega-car dealers, you can buy a used car with open safety recalls. So we sued the FTC in 2017. We're still in court. Learn more.

Photo credit: Shutterstock photo by Anastasiya Aleksandrenko. 

Today, the Task Force on Financial Technology of the House Financial Services Committee holds a hearing titled “Buy Now, Pay More Later? Investigating Risks and Benefits of BNPL and Other Emerging Fintech Cash Flow Products.” Learn more.

Image of hand and smartphone "Sezzle" courtesy The Focal Project via Flickr, some rights reserved.

In testimony this morning before the House and tomorrow morning before the Senate, newly-confirmed Consumer Financial Protection Bureau (CFPB) director Rohit Chopra will lay out his vision for the federal financial agency with just one job, protecting consumers.

The House should pass the bipartisan infrastructure bill on the House floor this week. Among other provisions, it allocates $65 billion to make fast broadband more available -- especially in rural and tribal areas -- and more affordable. That total includes about $14 billion to subsidize access and about $42 billion to deploy broadband. Also, broadband providers would be required to use a new pricing label based on the easy-to-read FDA nutrition labels.

Photo of "Rural Broadband Buildout Project" by Maryland GovPics, via Flickr, some rights reserved.

Half the country faces fire and wind, the other half wind, rain and flood. Despite nay-saying from some members of Congress, the Biden administration's financial regulators continue to make the global climate change crisis a financial regulatory priority. 

Cover graphic by Ron Mader via Flickr, some rights reserved.